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CARE ratings for Indian debt instruments-Sep 22

    Sep 22  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of September 21, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ardisons Associates                   ST Bk Fac          CARE A4;       30      -
(Issuer not cooperating); Based on best available information
Azam Rubber Products Ltd              ST Bk Fac          CARE D         308     -
(Issuer not cooperating); Based on best available information
Everest Sea Foods Exports Pvt Ltd     ST Bk Fac          CARE A4;       1.5     -
(Issuer not cooperating); on the basis of best available information
G.L. Constructions Pvt Ltd            ST Bk Fac          -              0       Reaffirmed
                                                                                and Withdrawn
Godawari Power And Ispat Ltd          ST Bk Fac          CARE A2        1346.8  Revised from
                                                                                CARE A3+
(Enhanced from 89.34 crs)
Goyal Rice Product                    ST Bk Fac          CARE A4        20      -
(Issuer not cooperating); Based on best available information
Mercator Oil And Gas Ltd              ST Bk Fac          CARE D         1240    -
                                      (Non-Fund based-
                                      LC)
(Issuer not cooperating); Based on best available information
Mercator Ltd                          ST LC/ BG          CARE D         1500    -
(Issuer not cooperating); Based on best available information
Moser Baer India Ltd                  ST Bk Fac          -              -       Withdrawn
                                      (Non-Fund based)
Pacific Academy Of Higher Education & Short -Term Bk Fac CARE D         62      -
Research Society
(Issuer not cooperating); Based on best available information
Panchmahal Steel Ltd                  ST Bk Fac          CARE A4        920     Revised from
                                                                                CARE A4+
Popular Motor World Pvt Ltd           ST Bk Fac          CARE A4        150     Reaffirmed
Power Spinning Mills                  ST Bk Fac          CARE A4        30      -
(Issuer not cooperating) ; Based on best available information
R1 International (India) Pvt Ltd      ST Bk Fac          CARE A3        100     Reaffirmed
Raj Conbuild Ltd                      ST Bk Fac          CARE A4        121     Assigned
Rec Ltd                               ST Market          CARE A1+       60000   Reaffirmed
                                      Borrowing (FY21)
Rec Ltd                               CP issue (FY21)    CARE A1+       40000   Reaffirmed
Rmc Switch Gears Ltd                  ST Bk Fac          CARE A4        300     Revised from
                                                                                CARE A4+
(Issuer not cooperating); Based on best available information
Shiva Fibres Pvt Ltd                  ST Bk Fac          CARE A3        15      Reaffirmed
Shree Ganga Paddy Processors          ST Bk Fac          CARE A4        32.5    -
(Issuer not cooperating); Based on best available information
Tata International Ltd                ST Bk Fac-Nonfund  CARE A1        2300    Reaffirmed
                                      based
Tata International Ltd                CP                 CARE A1        1000    Reaffirmed
The Western India Plywoods Ltd        ST Bk Fac          CARE A3        70      Reaffirmed
Vijaywargi Infra Engineers Pvt Ltd    ST Bk Fac          CARE A3        365     Assigned
 

MEDIUM TERM RATINGS:
-------------------
Icici Home Finance Co. Ltd            Fixed Deposits     CARE AAA (FD); 50000   Reaffirmed
                                                         Stable
(Enhanced from 4,000.00 crs)
 

LONG TERM RATINGS:
-------------------
Aadhishiva Enterprises                LT Bk Fac          CARE D         63.5    -
Aditya Infra And Agri Business Pvt LtdLT Bk Fac          CARE B-; Stable80      Revised from
                                                                                CARE B+;
                                                                                Stable;
(Issuer not cooperating); on the basis of best available information
Amruth Organic Fertilizers            LT Bk Fac          CARE C; Stable;100     Revised from
                                                                                CARE B;
                                                                                Stable;
(Issuer not cooperating)
Ardisons Associates                   LT Bk Fac          CARE B+;       65      Revised from
                                                         Stable;                CARE BB-;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Arg Housing Pvt Ltd                   LT Bk Fac          CARE D         171.7   -
(Issuer not cooperating); Based on best available information
Azam Rubber Products Ltd              LT Bk Fac          CARE D         519.8   -
(Issuer not cooperating); Based on best available information
Bhumika Egg Educing Valley            LT Bk Fac          CARE B-; Stable60.6    -
(Issuer not cooperating); Based on best available information
Btm Exports Ltd                       LT Bk Fac          CARE B-; Stable400     Revised from
                                                                                CARE B; Stable
Choudhary Brothers Agri Exports Pvt   LT Bk Fac          CARE D         100     -
Ltd 
(Issuer not cooperating); Based on best available information
Eshan Yarns Pvt Ltd                   LT Bk Fac          CARE B; Stable 120     Revised from
                                                                                CARE BB-;
                                                                                Stable
Everest Sea Foods Exports Pvt Ltd     LT Bk Fac          CARE B+;       83.3    Revised from
                                                         Stable;                CARE BB-;
                                                                                Stable;
(Issuer not cooperating); on the basis of best available information
Forum Projects Pvt Ltd                LT Bk Fac          CARE BB+;      700     Revised from
                                                         Stable                 CARE BBB- and
                                                                                removed from
                                                                                credit 
                                                                                watch
Forum Projects Pvt Ltd                LT/ST Bk Fac       CARE BB+;      200     Revised from
                                                         Stable/CARE A4+        CARE
                                                                                BBB-/CARE A3 and
                                                                                removed from
                                                                                credit  
                                                                                watch
G.L. Constructions Pvt Ltd            LT Bk Fac          -              0       Reaffirmed
                                                                                and Withdrawn
Godawari Power And Ispat Ltd          NCDs               -              -       Withdrawn
Godawari Power And Ispat Ltd          LT Bk Fac          CARE BBB+;     10954.4 Reaffirmed
                                                         Positive
outlook revised from stable/(Reduced from 1,327.44 crs)
Goyal Rice Product                    LT Bk Fac          CARE B+; Stable35      Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Guranditta Mal Mohan Lal              LT Bk Fac          CARE C; Stable;170     Revised from
                                                                                CARE B-;
                                                                                Stable
(Issuer not cooperating); Based on best available information
H G Narayan And Sons                  Long -term Bk Fac  CARE BB+;      40      Revised from
                                                         Stable                 CARE BBB-;
                                                                                Stable;
(Issuer not cooperating)
Jath Wind Energy Pvt Ltd              LT Bk Fac          CARE BB+;      1270.9  Revised from
                                                         Stable                 CARE BB;
                                                                                Positive
(Reduced from 135.09 crs)
K C Montessori Educational Society    LT Bk Fac          CARE BB-;      1500    Reaffirmed
                                                         Stable
Madhav (Phoolsagar Niwas Shahpura     LT Bk Fac          CARE A-; Stable798.9   Reaffirmed
Corridor) Highways Pvt Ltd
(Reduced from 90.48 crs)
Madhav (Phoolsagar Niwas Shahpura     LT / ST Bk Fac     CARE A-;       77.5    Reaffirmed
Corridor) Highways Pvt Ltd                               Stable /CARE
                                                         A2+
Mercator Ltd                          LT- CC             CARE D         500     -
(Issuer not cooperating); Based on best available information
Mercator Ltd                          LT Loan            CARE D         6539.7  -
(Issuer not cooperating); Based on best available information
Mercator Ltd                          LT- LC (Non- fund  CARE D         2555.6  -
                                      based)
(Issuer not cooperating); Based on best available information
Mercator Oil And Gas Ltd              LT Bk Fac          CARE D         992     -
                                      (Non-fund based-BG)
(Issuer not cooperating); Based on best available information
Mercator Petroleum Ltd                Long/ST Bk Fac (TL)CARE D         950     -
(Issuer not cooperating); Based on best available information
Moser Baer India Ltd                  LT Bk Fac (TL)     -              -       Withdrawn
Moser Baer India Ltd                  LT Bk Fac (Fund-   -              -       Withdrawn
                                      based)
Northern Arc 2019 Cv Ulana(OriginatorSeries A1  PTCs     CARE A (SO)    -       Reaffirmed
Mahaveer Finance India Ltd)
Northern Arc 2019 Cv Ulana (OriginatorSeries A2 PTCs     CARE A- (SO)   -       Reaffirmed
Mahaveer Finance India Ltd)
Northern Arc 2019 Mfi                 Series A1 PTC      -              -       Withdrawn
Witten Originator: Dvara Kshetriya
Gramin Financial Services Pvt Ltd (Dkgfs)
Northern Arc 2019 Mfi                 Series A2 PTC      -              -       Withdrawn
Witten Originator: Dvara Kshetriya
Gramin Financial Services Pvt Ltd (Dkgfs)
Pacific Academy Of Higher Education & LT Bk Fac          CARE D         430.9   -
Research Society
(Issuer not cooperating); Based on best available information
Panchmahal Steel Ltd                  LT Bk Fac          CARE BB; Stable55      Assigned
Panchmahal Steel Ltd                  LT Bk Fac          CARE BB; Stable550     Revised from
                                                                                CARE BB+;
                                                                                Stable
Popular Motor World Pvt Ltd           LT Bk Fac          CARE BB-;      5       Revised from
                                                         Stable                 CARE B+;
                                                                                Stable
Power Spinning Mills                  Long -term Bk Fac  CARE BB-;      100     Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
(Issuer not cooperating) ; Based on best available information
Pune Buildtech Pvt Ltd                LT Bk Fac          CARE D         2860    -
(Issuer not cooperating); Based on best available information
Pushpawati Singhania Hospital &       LT Bk Fac          CARE BBB       443.3   -
Research Institute
(Under Credit watch with Developing Implications)
R. M. Betgeri And Company             LT Bk Fac          CARE B+; Stable65      -
(Issuer not cooperating); Based on best available information
R1 International (India) Pvt Ltd      LT Bk Fac          CARE BBB-;     250     Reaffirmed
                                                         Stable
Raj Conbuild Ltd                      LT / ST Bk Fac     CARE BB-;      129     Assigned
                                                         Stable /CARE A4
Ravindra Rice And General Mills       LT Bk Fac          CARE B-; Stable165     Revised from
                                                                                CARE B;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Rec Ltd                               LT Market          -              0       Withdrawn@
                                      Borrowing Program
                                      (FY09)
'@CARE has withdrawn the rating(s) assigned to the Market Borrowing Program FY09 and FY10 of REC
Limited with immediate effect, as there is no amount outstanding under these issues as on date
Rec Ltd                               LT Market          -              0       Withdrawn@
                                      Borrowing Program
                                      (FY10)
'@CARE has withdrawn the rating(s) assigned to the Market Borrowing Program FY09 and FY10 of REC
Limited with immediate effect, as there is no amount outstanding under these issues as on date
Rec Ltd                               LT Market          CARE AAA;      99697.8 Reaffirmed
                                      Borrowing Program  Stable
                                      (FY11)
Rec Ltd                               LT Market          CARE AAA;      86235   Reaffirmed
                                      Borrowing Program  Stable
                                      (FY12)
Rec Ltd                               LT Market          CARE AAA;      45894   Reaffirmed
                                      Borrowing Program  Stable
                                      (FY13)
Rec Ltd                               LT Market          CARE AAA;      72500   Reaffirmed
                                      Borrowing Program  Stable
                                      (FY14)
Rec Ltd                               LT Market          CARE AAA;      145050  Reaffirmed
                                      Borrowing Program  Stable
                                      (FY15)
Rec Ltd                               LT Market          CARE AAA;      77310   Reaffirmed
                                      Borrowing Program  Stable
                                      (FY16)
Rec Ltd                               LT Market          CARE AAA;      161250  Reaffirmed
                                      Borrowing Program  Stable
                                      (FY17)
Rec Ltd                               LT Bonds (GoI      CARE AAA;      150000  Reaffirmed
                                      Fully Serviced     Stable
                                      Bonds)
Rec Ltd                               LT Market          CARE AAA;      1000000 Reaffirmed
                                      Borrowing          Stable
                                      Programme (FY21)
Rec Ltd                               LT/ST Market       CARE AAA;      -       Reaffirmed
                                      Borrowing          Stable/CARE A1+
                                      Programme (FY18)
^including short term borrowing programme of Rs. 5,000 crore as sublimit of total MBP for FY18
Rec Ltd                               LT/ST Market       CARE AAA;      -       Reaffirmed
                                      Borrowing          Stable/CARE A1+
                                      Programme (FY19)
& Including ST market borrowing programme of Rs.9,000 cr as sublimit of total MBP of Rs.85,000
cr for FY19
Rec Ltd                               LT/ST Market       CARE AAA;      -       Reaffirmed
                                      Borrowing          Stable/CARE A1+
                                      Programme (FY20)
# Including ST market borrowing programme of Rs.12,000 cr as a sublimit of total MBP of
Rs.94,000 cr for FY20
Rishabh Buildwell Pvt Ltd             LT Bk Fac          CARE B; Stable 1200    Reaffirmed
                                                                                and removed
                                                                                from INC
Rmc Switch Gears Ltd                  LT Bk Fac          CARE BB;       167.5   Revised from
                                                         Negative;              CARE BB+;
                                                                                Negative
(Issuer not cooperating); Based on best available information
Rpg Industrial Products Pvt Ltd       LT Bk Fac          CARE BB-;      150     Revised from
                                                         Stable                 CARE BB+;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Sai International (Delhi)             LT Bk Fac          CARE C; Stable 97      Revised from
                                                                                CARE B+;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Sai International (Delhi)             LT / ST Bk Fac     CARE C; Stable 47.5    Revised from
                                                         /CARE A4               CARE B+;
                                                                                Stable /CARE A4
(Issuer not cooperating); Based on best available information
Sai Traders                           LT Bk Fac          CARE B-;       30      Revised from
                                                         Stable;                CARE B+;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Samruddhi Trust September 2020        Series A PTC       ProvCARE A-    -       -
Originator: Centrum Microcredit Ltd                      (SO)
Shiva Fibres Pvt Ltd                  LT Bk Fac          CARE BBB-;     273.4   Reaffirmed
                                                         Negative
Outlook revised from Stable
Shree Ganga Paddy Processors          LT Bk Fac          CARE B-; Stable17.5    Revised from
                                                                                CARE B; Stable
(Issuer not cooperating); Based on best available information
Sri Karthick Poultry Farm             LT Bk Fac          CARE B-; Stable140     Revised from
                                                                                CARE B; Stable
(Issuer not cooperating) ; Based on best available information
Sri Padmavathi Rice Mill              LT Bk Fac          CARE B+; Stable68.3    Reaffirmed
                                                                                and Removed
                                                                                from INC
(Reduced from 8.00 crs)
Sri Shankara Cancer Foundation        LT Bk Fac          CARE BB+;      120.5   Revised from
                                                         Stable;                CARE BBB-;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Sri Venkateshwar Spices               LT Bk Fac          CARE B+; Stable150     -
(Issuer not cooperating); Based on best available information
Tata International Ltd                Perpetual NCDs     CARE A;        8000    Reaffirmed
                                                         Negative
Tata International Ltd                LT Bk Fac-Fund     CARE A+;       5750    Reaffirmed
                                      based              Negative
The Western India Plywoods Ltd        LT Bk Fac          CARE BBB-;     317.2   Reaffirmed
                                                         Stable
outlook revised from negative/(Enhanced from 30.54 crs)
Universal Enterprises                 LT Bk Fac          CARE B; Stable;50      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating)
Videocon Telecommunications Ltd       LT Bk Fac – TL     -              -       Withdrawn
Videocon Telecommunications Ltd       LT Bk Fac - BG     -              -       Withdrawn
Vijaywargi Infra Engineers Pvt Ltd    LT Bk Fac          CARE BBB-;     85      Assigned
                                                         Stable
Vivriti Sanji 06 2019 (Originator:    Series A PTCs      CARE A+ (SO)   -       Reaffirmed
Asirvad Microfinance Ltd)
-------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CARE may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@refinitiv.com)
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